IMPORTANT: Portuguese President Marcelo Rebelo de Sousa Vetoes the "Mais Habitação" Package: What This Means for Golden Visa Applicants

In a pivotal move, President Marcelo Rebelo de Sousa has sent the "Mais Habitação" package back to the parliament without his endorsement. Earlier in March, he had cautioned about the potential pitfalls of an overly optimistic approach and the possibility of not meeting the projected outcomes.

The "Mais Habitação" initiative, championed by the government, was designed to tackle Portugal's housing crisis. However, its introduction sparked intense debates, particularly around forced rentals and local accommodations. These discussions overshadowed other vital proposals, complicating the path to a unified housing solution.

Golden Visa Applications Still Open: In light of the President's veto, the decree law is set to undergo another round of voting in the parliament. Crucially, this means that real estate applications for the Golden Visa remain open until the new law is finalised and published. We believe there's probably two more weeks to get those applications in.

‍Our Perspective on the Real Estate Market: We anticipate that the government will maintain its stance on restricting real estate from the Golden Visa. The real estate market in Portugal is already flourishing, independent of the Golden Visa. Furthermore, the Golden Visa, in our view, isn't a significant influencer for Portugal's real estate trajectory. The current housing shortage, coupled with the fact that most buyers hail from Europe (with a dominant French presence), underscores this. These buyers typically aren't Golden Visa investors. Instead, Portugal's allure lies in its captivating lifestyle, mesmerizing ocean vistas, pleasant climate, safety, and tax advantages.

1. A Word to Our Investors: We urge you to act swiftly. With tourism in Portugal booming, there are still enticing hotel projects that welcome Golden Visa investors. Moreover, Madeira Island boasts freehold residential projects that not only present a robust investment opportunity but also come with the added perk of a Golden Visa for the entire family.
2. The Road Ahead: The parliament is set to reconvene from its summer vacation on the 4th of September. With the socialist party at the helm and a majority in the parliament, the government is expected to vote on the same law once again, despite the presidential veto.

In wrapping up, we at DRP Advisers want to emphasise the unparalleled opportunity the current law presents. We invite you to seize this golden chance without delay.

Contact DRP Advisers Golden Visa Consultant directly via whatsapp: +351 912 585 085 or email renata@drpadvisers.com

Date: August 21, 2023